Ukrainian Ministry of Finance make new proposition; Cryptocurrency like Bitcoin [BTC] can become taxable

Recently, Ukranian Ministry of Finance proposed a Tax Bill for Digital Currencies. According to the official announcement, the ministry will establish two working subgroups to discuss and develop the problems regarding taxation of cryptocurrency transactions.

Furthermore, the findings by the working groups would be presented to the Expert Council in order to prepare general tax consultations during the fourth quarter of the current financial year. They added:

“In order to assess the possibility of preparing general tax consultations on the current legislative basis or defining the concept of changes to tax legislation”

The ministry further invited profile specialists and various experts to participate in developing these general tax consultations.

In the month of September, the parliament of Ukraine proposed a bill which stated that the government could tax operations related to the cryptocurrency assets. The report stated that 23 officials from the government initiated the tax bill. Furthermore, organizations and individuals with access to virtual assets like cryptocurrencies and tokens would be charged 5% of tax.

Any business with a cryptocurrency related profit would be charged with 18% of tax. These were the standard tax rates applied to any corporate or individual entity in Ukraine.

The National Bank of Ukraine had been considering to create their own cryptocurrency based on Hryvnia, the country’s national currency. Electronic Hryvnia was the proposed cryptocurrency which would come under the Ukrainian national payment system. According to the officials from the bank, the main aim of Electronic Hryvnia was to reduce the circulation of fiat currency.

Moreover, Blockchain & Bitcoin Conference which was recently held in Kyiv, Ukraine focused on the initiative taken by the government towards regulating cryptocurrencies and blockchain technology. The conference was dedicated to businessmen, developers, marketers, and investors.

The main aim of the conference was to introduce blockchain technology in various industries ranging from public administration to retail management. In addition, they covered the technical solutions on blockchain along with the promotion of ICO’s and cryptocurrency related projects.

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